#香港稳定币监管框架 On August 1st this year, new rules were established for the use of stablecoins in Hong Kong. In simple terms, if you want to issue a fiat stablecoin in Hong Kong, or if your coin is pegged to the Hong Kong dollar, you must first obtain a license.

The threshold is not actually too outrageous. You need to register a company or a recognized institution in Hong Kong, with a minimum startup capital of at least 25 million HKD. But the real trouble lies ahead—the reserve assets must be strictly covered, not only to meet the full amount but also to have a little extra as a buffer. Users want to redeem at face value? You have to agree unconditionally, and the only condition can be "reasonable range."

Regulatory authorities keep a close eye from all angles. Licensed institutions are required to prepare daily reports on circulation and reserves, submit a regulatory report weekly, and undergo regular external audits. Basic operations such as anti-money laundering and customer identity verification go without saying.

The most ruthless part is in sales—only licensed institutions can sell stablecoins to retail investors, and only licensed entities can advertise. This basically shuts down all the wild paths. If you want to operate stablecoin business compliantly in Hong Kong, there is only one way: honestly apply for a license and accept full-process regulation.